5 Business Fundamentals Professionals in Every Industry Should Know

The workforce is rapidly evolving. According to research by McKinsey, automation and artificial intelligence will transform the workplace over the next 10 to 15 years, impacting the skills professionals need to stay competitive in their fields.

Beyond an increasing demand for those with technological know-how, the changing job market is driving a need for workers who are adept at decision-making, complex information processing, critical thinking, communication, and leadership.

For employees seeking to advance their careers, learning business fundamentals can be a way to acquire those skills and achieve professional growth.

If you want to equip yourself with the skills needed to thrive in your present role—and in the future—here are five business fundamentals you should know.

2. Financial Accounting

The value of accounting knowledge isn’t limited to just numbers-focused roles. No matter your profession, understanding the meaning behind the numbers on financial statements
can be a boon to your career.

For instance, learning how to prepare a balance sheet can help you unlock critical insights into your organization’s performance and become an indispensable member of your team.

For Isha Khambra, an engineer and former participant in our Credential of Readiness (CORe)
program, gaining fundamental accounting skills enabled her to add value to her company and make better decisions in the workplace.

3. Economics

Beyond an in-depth knowledge of your industry’s market demands, studying economics
can equip you with the necessary skills to craft successful a business strategy and help your firm succeed against competitors.

In the case of Pankaj Prashant, an engineer who took CORe to learn business fundamentals, the lessons he learned in Economics for Managers
led to a deeper understanding of how pricing works in his field.

“The mining industry experiences cyclical price fluctuation every few years, and now I understand the reasons and factors that dictate these changes and how supply and demand affect commodity pricing,” Prashant says.

4. Leadership

The ability to lead and mobilize others is vital for all professionals. According to a recent report by the World Economic Forum, leadership is projected to be among the top 10 most in-demand skills through 2022.

Research shows
emotional intelligence can be more important than IQ and previous relevant experience when it comes to workplace success, underscoring why it’s important for you to sharpen your ability to understand and manage your emotions, as well as recognize and influence the feelings of those around you.

5. Negotiation

Developing negotiation skills can have a significant payoff in any field. Knowledge of effective bargaining tactics can help you resolve conflicts that are otherwise deadlocked, and equip you with the skills needed to maximize value
in agreements.

About the Author

Matt Gavin is a member of the marketing team at Harvard Business School Online. Prior to returning to his home state of Massachusetts and joining HBS Online, he lived in North Carolina, where he held roles in content writing and social media. He has a background in video production, and previously worked on several documentary films for Boston’s PBS station, WGBH. In his spare time, he enjoys running, cycling, exploring New England, and spending time with his family.